Dennis Gartman declared the death of the bull market for gold. But the head of Goldcorp remains bullish on bullion, saying the fundamentals that drove the price of gold up are still in place.
CEO Chuck Jeannes tells BNN he tends to be a long-term thinker when it comes to the price of gold. “We’re operating mines that last for many years, so we have to think long term.”
“All of the fundamentals -- the macroeconomic factors -- that have contributed to the gold price bull market over the last ten years remain fully in place,” he says.
Jeannes points to negative interest rates and increasing physical demand in emerging markets and by central banks, as fundamentals that will continue to drive gold. “All of those factors will lend themselves to long-term strength in the bull market.”
On Wednesday gold futures fell more $100 to around $1,563 an ounce, hitting their lowest level since September 26.
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